Earnings call transcript Q2 2023

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Operator

Greetings and welcome to the Movano Second Quarter 2023 Earnings Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Jay Cogan, Chief Financial Officer. ahead. go please Sir,

Jeremy Cogan

good and operator, joining you us today. afternoon, you, thank everyone, for Thank

Mastrototaro, today's second will remarks John CEO, Our open progress and recent made XXXX about call we've during of the quarter in weeks. the prepared with

will highlights Tyler update upcoming operating a and of the our Marketing of to Afterward, ring. perspective the us financial provide Bucher, quarterly Chief give join on position. Our I'll launch EV Officer, an on cover our the results

Technology me Officer, this Vice issued website our Chief presentation Leabman; Q&A. Finally, and will financial our Movano and movanohealth.com. release afternoon at Health, Health Salvi, Michael President quarter today's second are join results. Stacy Founder available earlier Movano our news a John for This on Strategy, detailing and of news Tyler and the release

these begin, remarks from we today's during whether based Before that everyone such like during uncertainties materially to remind and or statements. forward-looking results the statements in I'd we'll may current different actual statements make session, be inherent risks on forward-looking expectations, prepared are and our subject call to Q&A

changes specifically otherwise securities These the and risks detailed revisions in in Commission, circumstances. our reflect to herein filings expectations laws, Forms those the company's are to required regards as with by the conditions obligation elsewhere Movano and and make federal or with Health update XX-K. and such to or disclaims Exchange any Factors contained forward-looking statements events, Except section XX-Q Securities Risk to uncertainties of in

turn CEO, I'd to Mastrototaro. that, our to like over call with So the John

John Mastrototaro

quarter Health's earnings joining for you us everyone. Welcome, Movano for second call. Thank

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Tyla Bucher

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John. With it back that, I'd to like turn to

John Mastrototaro

production Thank With operations well capabilities. tooling you, order and foundation sites, activities software Tyler. out, the fulfillment supply a as a as manufacturing and and team and process. To process hard been support and laid we've building of supply is order and just also chain demand our automation, well-prepared all increased for has FDA-compliant team contract chain the the our fulfillment logistics. integrations prepping We're manufacturing handle ensure to packaging equipment seamless finalizing

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Jeremy Cogan

the today's John. but a operating Thanks, XXXX, in I'll can in of to items. commercialization on our to quarter earlier the which described and call. operating period. release, reported quarter line you financial primarily the second in second in loss the ago few detailed was $X.X million $X.X accelerated year share of increase Movano related an an earnings The loss million results compares website, of We initiatives find Health key the that

rate $X.X the in burn a $XX.X quarter shares quarters, an public through higher to run end At in of million million offering considerations. prior cash certain $XX.X capital, period second XXXX, timing With FDA in $X.X and for other gross proceeds the net regards of cash prelaunch million, submission Health assets Movano stock than Our and equivalents common and of raised underwritten costs was of the period. the million we the six given we million. the and of $X.X cash had of or total bit

begin be we'd Q&A Operator, to our remarks, take concludes of your the formal that to section we're questions. the As glad ready call.

Operator

you. [Operator Instructions] Thank

Jeremy Cogan

in participants And the can as I think also, questions ask that link operator, we remind the well. I webcast

Operator

may on the -- also ask You ask link. questions webcast

Jeremy Cogan

Right, there. got several and like looks we've

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John Mastrototaro

device Jay. data addresses had into finger. market. ability signal and is new new the Sure, being collect the the target more more This could by the the our reflected say within Well, that want quality product we our has perfusion range. of company, that be is I of from the first issues component we accurate to component essential. what of Essentially, it opportunity new is does incorporating the that off, is enhance accuracy to we're spoke component providing that as to a And that medical and this an

the and rain blood the testing lower female-focused smaller you -- to data we've where and the size started footprint allows this a signal using therefore, smaller finger. fingers, down size much with the less of this. of And may product going have vessels already five, more larger have less collect perfusion, to with us from component So blood

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At And delay the others this behind, of just believe gives date to run stand can to really going and a off of having in to part that. gives end is really we So is obviously, brain to the be to of assure that this time launch. we into before put really be the to us. more of and product by we the through some get influencers the pushing and pay us able media, the couple back something time front a delay to to it think that day, get that the launch proud months we paces we deliver want us for

being set into comes meet can other The mention to is out inventory and market. that initially I'll up and so pushing manufacturing thing that we it for can of lastly that sure up that production a the we're bit a demand couple by we that the make build also able months, with more

Jeremy Cogan

you I you your new John, confidence for launch think this the to gives Okay. in meet is What ability well. next question as date?

John Mastrototaro

all question. fully first had you the to the done, to -- and the biocompatibility done have have FDA of testing cybersecurity testing, We testing, part all It's of things, order electrical been ring, as for testing, baked even we should a process Several already platforms, all know in had off, so to in testing great to has submit that and development the of that place. cloud the product. environmental produced

All of the agency. in complete that of documentation testing the is is all with

at the for is a heavy So this done one really product. lot important of lifting note point where we that's that a are we've

forward the call, that should thing that cetera. et mentioned other is The production push service, we you with we've readiness, as customer know continuing been marketing, to on

component. collected we that -- pretty how already more been because performs. know so we signal from seen it. confident We feel have We've we this new And testing it getting we're

basically, tested we've good it we as this so somehow I'll of stop the at about work And to the the isn't not the majority And before. of there. same feel system end it really what is was so going because that the fact And thoroughly. day the

Jeremy Cogan

for your next is I think Okay. ahead on launch Friday? holiday Black capitalize question any concern this you, ability Tyler, of with to traffic about the

Tyla Bucher

think around I a team on believe far fourth we're in in signal focused Also and launch for now that a that and it's business extends our overall clear a so there's quarter. great the really and to seeing that important women in ensuring while no, that our culture, sales, the drive that their is awareness in question, just media I Ring. state order EV we really to is and the like we the the beyond mean, holiday pop time product macro timing health maximize And

the step serve into a community plan in so purchase really growing beyond. bigger care holiday very So our for far and the translate during both the long will consumers first is but long that much of feeling we've just confident generated momentum that to our term, season the

John Mastrototaro

Yes.

Okay. I'll what affected increase Why will quarter? launch your question launch. the burn The later cash burn. be the did take regarding in next the and cash burn rate after

the burn gearing several So averaged date, some our per last up $X.X need you approach for We've has cash Not that invest for quarter too to surprisingly, behind. as there's resources quarters. million launch. about you launch been additional a

materials, we've some that also For us, begun to marketing testing FDA dollars raw work. product some and it includes tooling, and put to

We continue stewards being to capital. our focused be good on of

immaterial burn the spend think Black events. lower and of will on any count on can have offset so cash by going that view to other out as prior launch-related launch relatively or our to to costs gross be we a We to go-forward weeks into continue Friday basis. profits, a XX push us X, marketing is You focus

out wash. I'll a that is one burn basis. immaterial are launching to question but something an that in also that relatively There's overall of it's which cash kind it's more would on cash, the rather and say we view relates we Obviously, So cash address of September, million be to as the basically plan your is without since in and that. reminder, XXXX. as well, operate you capital going to a markets where that raised all just which inception we've execute enough I here $XXX have

We balance June as sheet had the $XX.X million XX. of on

over million in additional as to offerings milestones, hit the quarter launch our we and interest we've the seeing about But key net in we increased did for year-to-date as the first time. and our years, highlighted filings example, closer quarter. $X a And Evera. over FDA incredibly financial We've the ATM need well will that couple submission including also of have raised investors the past well. on we closer as that proceeds raise year then capital getting both as the of in Our been XXXX, over to supportive we've second our in been also,

Okay.

Jeremy Cogan

insight Can Next process? question, do for this FDA John, FDA? What you back When the you are more is some to expect from you. hear the to give milestones? next us

John Mastrototaro

And there's I of the thank Yes. handle see this, it there's I'll closely question. Happy, I a very once Jay, all for related you hope. to couple so

that the thing the The Let making XXX(k). And next in -- when Step acknowledged the me part let is completeness, provided that sections the first, for to are required filing. for is happen they've step is are the see me they explain they get assess entire the and that the filing. the that everything all process that that actually FDA filing. of that the have would expect FDA received we that with there that one in a a verified after they package filing first

And that after filing gone we when -- had XXX(k), that it We've step a at we announced XX-day that we in. the entire was we us. That's where beyond of process put until was done waited recently well. least milestone that that review through as the

days detailed agency date. the to questions filing date now post XX prior detailed after so gave XXX(k) is date. And in at filing the And the you're when is doing the And past when -- with they that, it's and comes review formal typically back that said, the XX-day date review yes, XX the they review. days the

review we the or of agency feedback. of and days, part at the from some middle we'll the probably detailed get in So with the review first basically, XX agency, are the the

them been affiliated and provided and answers the questions generate they of a with everything feedback back the -- with questions forth with typically XXX(k)s often final see. why, to will they on end, At it. basic where average questions. some the that get everything back three get to we that's to number clear process. that there's we and them to going to are sure that through there's no clear we in go want they that we've Once materials There's this six they assuming entire and assuming got labeling that the But you reviewed and and all it's are making that's I've it, months cleared. there's guarantees filed, get the that And very that process,

So we feel so of it. filings. But we've pretty go feel will cautiously that the data to completeness -- guarantees will optimistic clear good no about there We that are clinical things collected they the date about we're our forward. good again, very and that

And different done, does to going I new There But all what's filings review. don't special that that reviewed. have things to Again, that, know. But that right more will larger of that, what you component those first of the sensor process it's impact of consultants makes through FDA processes could XXX(k). basically together process. XXX(k), identical it clearance about we that. understand in else and and the that be what where It this getting fact, Jay. what now. detector one that about. well. it regulatory assessing being necessary exactly for XX-day the that's are we're I completely XX-plus wants addresses file the was to to we FDA And see a those footprint easy. that's was tell one the something this incredibly fairly platform the It's our -- that put question what's reviewing would entire would getting filing for talking there was if are there other using, of of this I looking at any that assessing we're subsequent needed questions be hope already to right some do. We're we And now, called we percent

Jeremy Cogan

would got answered gentlemen, webcast What what you. blood this by And make the you Go And Okay. results latest your one technology? or Michael. pressure progress? I your more And think from were doing here. single-chip ahead, best of with study Michael further we've to are be the

Michael Aaron Leabman

Sure. and that And is That lot done in last a test is in finally platform. us little a a to data think smaller, of study using all self-contained single impacts of cleaner we've was kind there's efficient, we're a level that From like single we're heat Yes, chip, which a less or optimizing is change able in no our has will next to the chip. so exposed much wires more that, done big get month our terms over take ago. so really antenna. on of couple things the much our we

we before, mentioned system. it's millimeter wave As the

a and side there's of innovation more So lot we as definitely making find keep our antenna more we and things on that go along.

some So we're making changes there.

of John in years. the will hope that data the hopefully to standpoint, last of we And next give the there's and really working us a algorithm start will a average and weeks, to couple an that get which earlier of the other tune mentioned couple fine for things from study, grail on we're doing need of we couple holy

we as mentioned John mentioned, glucose. that think applies, to also earlier, I

hand And fine our of those fixes like of of innovation of is we're to to kind they bottom has applied the as which the lot in a of to our also been last make to system. again, say A we So hand -- lot most go I'd couple the pressure most to in blood glucose. again complicated the think improvements now perfect. get And to. performance tune we'd getting really of finally to the are I dis-frequency antennas, months trying quite of

Jeremy Cogan

as Q&A and I lines think the Okay. the phone also, from well. for it Operator, webcast looking that does as at I the think I'm

So I'll turn it you. back to

Operator

do line proceed the question. from We one with line B. phone you. the of with Riley. Marie have Thibault your question Thank Please on

Marie Thibault

you Can hear me?

Jeremy Cogan

can. We Yes.

Marie Thibault

Okay.

blood today, a it glucose it saw that's monitoring, pressure on had that's does and little Or a something that out. Is the something -- that ad Is FDA invasive. not Just an I to that ones? other watch a cleared? just Facebook check haven't -- I chance is the some like aside, for that's I

Jeremy Cogan

quick. name an -- that there exactly know will up since one make talked on about I providing was And recently specifically for I that. to. don't you're setting but Thanks this question did for glucose one FDA filing answer, measurements I'm not answer of I can't the noninvasively. the I they've it. to trying real about talking referring see

We nice is the the mentioned, development that. in we we as seen bench even something some work as little not for or later enhancements design available have challenging this an are some noninvasively in like We've it's through clinical coming know. bit we're is stronger and year. So signals on get of review studies. And for obviously point. more process in commercially we been to that FDA as that Doing the well at all glucose as that's the rigor really prior certainly that signals clinical up about excited a so our making Michael platform glucose

to do Michael, you'd have like you add? anything

Michael Aaron Leabman

using auction mean I for one of is things is the we're think use which or had some optical, lot I that glucose things signals signal blood related a And that different pressure. other now like movement really ring blood the No, wave need like optical lot of than our things to fidelity, or blood to kind the we know we we and for a pressure. and less higher measuring features has light it's sensitivity millimeter for that

blood fact in pressure things the that different our with a on and -- chip. range for we're we're think domains both I So

I things even and more strip really that think our right glucose. right wide the the design is like for strongly after architecture millimeters going blood and pressure we feel

Marie Thibault

whatever. Fitbit it's little device I that came follow-up called, but on remember or what when can't out other that, -- Great. A the I the anyway, remember fitness

the of insurance Thank and companies as do by as them looked were you at deal. trying life them Some part well. Have companies the of -- insurance the way. to with partnerships offering insurance you

Michael Aaron Leabman

Sure.

medical beta payer I'll So our this, to in are integrated a health It really really in we opportunity and one, which be especially with a you'd like this as have. study, populations in maybe the potentially who bar technology an benefit device our moment. an we lowers provides start that also with nice, X to reimbursement And being beta seek network. next the them. and for we've could well partner high-risk with the bottom entity care future, to if the line Jay, with is like. us the for valuations, in And comment another completed in us that get from already product working in partnership Yes, a would

care And a of is opportunity really device. we're so health that those the medical reasons, for space the us, because for big in especially fact anything a

devices for wellness medical market the labeled used against specifically The being purposes. on are

capacity SPOX, we future them But appealing, to use companies, our for have certain be you them would heart beyond feel five Now next different mean, that product, I those the health to rate, the and for really insurance which activity monitor five very a we're clearance, years that in looking and one of three mentioned. goal maybe diagnoses certainly cleared and we're solution, you having and within a to things. is measures which types or to are believe, to then as to in comprehensive doesn't mean XX the we sleep all that, seeking can't use like the FDA measures provide

Jeremy Cogan

Yes. with and EV, a of on launch we're I been and just obviously, has lot about just a the know much obviously onto with under basis, on basically the company would the the relative through years. a coming limelight. Still be will fairly us investors more basis, us our add broader radar

growing factors things other us. strategic. think watches, very that rings, just besides that's think much I or I One interest and underappreciated seen form there's few a about you've are in is, bands

that device differentiator. say I'd being company definitely a is a Second, medical

significant insurer we apparel for we'll with We as on patient be we've doing for a RBI working well a about talked today's health monitoring global And as highlighted, see as that retailer, we interest enterprises. continue example, to major large talked we're a as what the company other also about athletic and call, well. and as past care from in remote

-- we we've time, and initiatives. and that to been the RF engine highlighting to other behind about that third, the said care talking glucose consumer think then we And respect are partnerships, process, And John collaborations, blood that opportunities possible there meaningful FDA provide could we've health with pressure over and our being obviously, as were the technology Michael entities move et through the cetera. that and

and create from have so to like forward standpoint, value continuing we time our that And of looking opportunities over we feel a lot journey. to

today. everybody think your much us that thank Q&A to Operator, I for time. for pretty the concludes We'd like

you reminder, website a our As Health you. news up-to-date can stay on investor Thank ir.movano.com. Movano connected and and by out events at checking

Operator

Thank This today's concludes you. conference.

this Thank you at participation. You disconnect for lines may now your time. your

Movano (MOVE) 14 Aug 232023 Q2 Earnings call transcript